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Lens Crafters 4518 E Washington Ave 3,500 SF 100% Leased Retail Building Madison, WI 53704 $2,890,000 ($825.71/SF) 6% Cap Rate
Investment Highlights
- Brand New 2024 Construction - Delivered in Q4 2024 with high-end tenant buildout
- 10-Year NN Lease - Minimal Landlord responsibilities
- Dense, Affluent Trade Area - 127,000+ residents within 5 miles | $107K avg HH income
- 10% Rent increases every 5 years
- Prime Madison Retail Corridor – Directly across from East Towne Mall (4.6M visits/year per Placer.ai)
Executive Summary
Mid-America Real Estate – Wisconsin is pleased to offer for sale a brand-new LensCrafters located at 4518 E Washington Avenue in Madison, WI. This freestanding, 3,500 SF building was completed in 2024 and is 100% leased to LensCrafters under a 10-year NN lease with two 5-year renewal options. The lease is guaranteed by Luxottica of America Inc., a subsidiary of EssilorLuxottica (EPA: EL), the world’s largest eyewear company. Rent increases by 10% every 5 years, including during option periods, providing long-term income growth.
The property is strategically located along East Washington Avenue (US-151), a dominant retail corridor in Madison, directly across from East Towne Mall and surrounded by national tenants including Target, Best Buy, Chick-fil-A, and McDonald’s. The corridor sees over 38,700 VPD and serves one of Madison’s densest residential and commercial zones.
This offering presents a rare opportunity to acquire a turnkey healthcare-adjacent retail asset backed by investment-grade credit in a high-traffic location within Wisconsin’s capital city.
The property is strategically located along East Washington Avenue (US-151), a dominant retail corridor in Madison, directly across from East Towne Mall and surrounded by national tenants including Target, Best Buy, Chick-fil-A, and McDonald’s. The corridor sees over 38,700 VPD and serves one of Madison’s densest residential and commercial zones.
This offering presents a rare opportunity to acquire a turnkey healthcare-adjacent retail asset backed by investment-grade credit in a high-traffic location within Wisconsin’s capital city.
Property Facts
Sale Type
Investment NNN
Sale Condition
Build to Suit
Property Type
Building Size
3,500 SF
Building Class
B
Year Built
2024
Price
$2,890,000
Price Per SF
$825.71
Cap Rate
6%
NOI
$173,400
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.11
Lot Size
0.70 AC
Zoning
CC-T
Walk Score®
Very Walkable (85)
Nearby Major Retailers
Property Taxes
| Parcel Number | 0810-281-0601-2 | Improvements Assessment | $1,183,000 |
| Land Assessment | $577,200 | Total Assessment | $1,760,200 |
Property Taxes
Parcel Number
0810-281-0601-2
Land Assessment
$577,200
Improvements Assessment
$1,183,000
Total Assessment
$1,760,200
Contacts
-
Dan Rosenfeld -
Andrew Lund -
Tanner Rosen -
Mid-America Real Estate – Wisconsin, LLC
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Lens Crafters | 4518 E Washington Ave
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